Doosan Heavy Industries & Construction Co., a leading power equipment maker in South Korea, said in a disclosure statement on Tuesday that it took over 1Energy Systems Inc., a United States-based software provider for integrated batteries and other energy sources. It did not disclose the financial terms.
1Energy Systems is the original designer of the software used in energy storage system (ESS) that boosts energy efficiency by controlling energy inputs on needed basis by storing up unused energy. The system is especially useful in renewable energy markets such as wind power generation and solar power plants that do not have a steady flow of power output.
The acquisition of a company with proprietary software for ESS would give Doosan access and security in the design, installation, and testing of battery system for renewable energy.
1Energy Systems that was established in 2011 by former engineers of Microsoft and Tesla provides software solution related to energy sources. It has steadily delivered profits by supplying ESS control system software to a number of power grid companies across North America. Doosan Heavy Industries renamed 1Energy Systems to Doosan GridTech upon acquisition.
The power equipment maker says the outlook for not only domestic but also the global ESS market is bright. “The company has gained a favorable position in global ESS market that is expected to grow every year at the pace of over 20 percent to become a 1.2 trillion won ($10 billion) market by 2025,” said Chung Ji-taik, vice chairman and chief operating officer of Doosan Heavy Industries. The company plans to focus on the local and North American markets that are expected to show high growth now, but will also expand into South Asian and European markets in the long term, added Chung.
The Original Posted By Park Yong-beom/Maeil Business News Korea